Asian firms 'still not ready for new hedge accounting'

Singapore

WITH less than six months to go before hedge and financial-assets accounting is overhauled worldwide - with the largest impact expected for banks and financial institutions - preparers in Asia appear to be less than ready for it.

A survey of 189 companies in 13 Asian countries by S&P Global Market Intelligence has found that less than half the companies polled have begun preparations for International Financial Reporting Standard (IFRS) 9: Financial Instruments.